南财智讯10月9日电，慧翰股份公告，公司第四届董事会第十五次会议于2025年10月9日审议通过了《关 于使用部分闲置募集资金进行现金管理的议案》。公司拟使用不超过5.00亿元暂时闲置募集资金进行现 金管理，资金将用于购买安全性高、流动性好的保本型产品，包括但不限于结构性存款、定期存款、大 额存单、通知存款、保本型收益凭证等，单个产品的投资期限不超过12个月，使用期限自公司董事会审 议通过之日起12个月内有效，资金在额度范围内可滚动使用。此次现金管理不会影响公司募投项目的正 常进行，旨在提高募集资金使用效率，增加现金资产收益。 ...

林姐捏着存折的边角微微发皱。2023 年存这笔钱时利率还是 2.6%，如今缩水快三分之二。她想起母亲 上周在电话里念叨的养老金，"以前靠利息每月能多拿一千二，现在只够买两袋米了。" 二 玻璃门被推开时带进来一阵桂花香，林姐指尖的计算器顿了顿。建行柜台里的小姑娘正对着麦克风重 复："三年期定存现在 1.0%，比上个月又降了 20 个基点。" 她下意识摸了摸帆布包里的存折，昨天在上海浦东那家工行，客户经理也是这样的语气。当时她刚收完 一批服装货款，本想把到期的 50 万转存三年，却撞见大堂经理正给大爷大妈发传单："大额存单利率 1.2%，下周可能还要调。" 手机在口袋里震动，是揭阳建材店的合伙人阿明发来的语音，背景里夹杂着瓷砖碰撞的脆响："刚去农 商行问贷款，客户经理说 LPR 降了，可咱去年贷的款要明年才重定价，这利差赚得也太憋屈了" 下午的咖啡馆里，穿西装的金融顾问推过来一张测算表。阳光透过玻璃窗，在 "实际负收益" 那栏的 "-1.5%" 上晃出光斑。"10 万块存一年，购买力少 1500 块，" 他用钢笔敲了敲表格，"这还是 CPI 维持 2.5% 的情况。" 邻桌两个年轻人的对话飘过来。戴眼镜的男生正刷 ...

而面对当前居民存款热情的持续上升，有银行员工直言："从10月起，最好不要把钱存定期，以下这3个原因很扎心。"它们分别是：①存款利息越来越低； ②流动性受限制；③金融产品多样化。让我们一起来了解一下： 第一，存款利息越来越低 近些年，国内居民存款的热情越来越高涨。2025年上半年，中国居民银行存款暴增10.77万亿元，创下历史性新高！我国居民爱存钱的原因是，为了应对失 业、疾病等突发事件。同时，居民存款也是为了应对未来可能发生的大额支出。比如，子女教育、房子装修等。此外，现在投资股票、基金、银行理财产品 的风险都很大，还不如老老实实把钱存银行。 过去由于金融产品数量稀少，所以储户只能把钱存银行定期。而现如今，金融产品种类繁多，有银行理财、结构性存款、货币基金等，这些金融产品的收益 率都要比定期存款要高。以银行理财为例，通常年化收益率达到2.3-2.5%，这要比定期存款高出1%左右。显然，储户把钱存定期存款并不划算，还是应该投 资高收益产品，以实现投资收益最大化。 而对于这位银行职工提出的建议，我们认为，如果你愿意承受一定投资风险，那确实可以遵照这位银行职工的建议，把存款从银行拿出来，投资这些高收益 产品。但是， ...

Core Viewpoint - Zhejiang Wihua New Materials Co., Ltd. plans to utilize part of its temporarily idle raised funds for cash management to enhance the efficiency of fund usage and maximize shareholder interests [4][8]. Summary by Sections Cash Management Product Overview - The company will use up to RMB 700 million (70,000 million) of temporarily idle raised funds for cash management, focusing on safe and liquid products such as structured deposits and large certificates of deposit, with a maximum term of 12 months [5][12]. Investment Purpose - The investment aims to improve the efficiency of raised fund usage without affecting the normal investment plan and ensuring the safety of the raised funds [4][8]. Source of Funds - The cash management funds will come from the temporarily idle raised funds from the company's initial public offering (IPO), which raised a total of RMB 1,501.45 million (150,145.26 million) after deducting issuance costs [6]. Investment Method - The company will purchase low-risk financial products, ensuring that these funds do not affect daily operations or the normal implementation of investment projects [8][14]. Risk Management - The company has established a risk management framework to ensure compliance with regulations and safeguard the principal of the cash management investments [13]. Financial Impact - The cash management activities will be conducted in a manner that does not impact the company's investment plans or shareholder interests, and the accounting treatment will follow the new financial instrument standards [14].

Core Viewpoint - The company plans to utilize up to RMB 1.1 billion of temporarily idle raised funds for cash management, focusing on low-risk, high-liquidity principal-protected products to enhance fund efficiency and maximize shareholder value [1][3]. Fundraising Overview - The company raised a total of RMB 1,173.62 million through a specific issuance of A-shares in 2024, with a net amount of RMB 1,159.88 million after deducting related fees [2]. Cash Management Details - The purpose of cash management is to improve the efficiency of raised fund usage while ensuring the safety of the funds and not affecting project construction [3]. - The company will invest in low-risk, high-liquidity products such as principal-protected wealth management products, structured deposits, and time deposits, with a maximum investment period of one year [3]. - The cash management plan is authorized for 12 months from the board's approval, allowing for rolling use of funds within the specified limit [3]. Impact on Daily Operations - The cash management strategy will not interfere with the ongoing projects funded by the raised capital, ensuring that the company's operations and shareholder interests are protected [4]. - The management of idle funds is expected to enhance cash asset returns and improve overall fund efficiency [4]. Risk Management - Although the company is investing in low-risk products, it acknowledges potential market volatility due to macroeconomic factors [4]. - The company has established strict compliance measures and oversight mechanisms to manage cash effectively and mitigate risks [4]. Supervisory Opinions - The supervisory board and the sponsor institution both agree that the cash management plan will not adversely affect the company's fundraising projects and is in line with legal regulations [5].

Core Viewpoint - The phenomenon of "deposit migration" among residents and enterprises is increasingly prominent due to the continuous decline in deposit interest rates and the advantages of wealth management products [1][2]. Group 1: Deposit Migration Trends - In August, new resident deposits decreased by 600 billion yuan year-on-year, totaling 1.1 trillion yuan, marking two consecutive months of negative growth [2]. - Non-bank deposits increased by 11.8 trillion yuan, up 5.5 trillion yuan year-on-year, highlighting the "seesaw" effect between resident and non-bank deposits [2]. - The trend of asset allocation is reflected in listed companies' preferences for wealth management, with a noticeable decline in the amount spent on wealth management products and cash deposits [2]. Group 2: Decline in Listed Companies' Wealth Management Scale - As of September 26, 2023, 1,095 listed companies held 12,395 wealth management products with a total subscription amount of 779 billion yuan, a decrease of 13.04% compared to the same period last year [4]. - The subscription amount for structured deposits decreased by nearly 100 billion yuan year-on-year, with a decline of 16.78%, while the amount for fixed-term deposits fell by over 150 billion yuan, down 37.29% [4][5]. Group 3: Reasons for Decline in Wealth Management Scale - The decline in wealth management scale is attributed to strict controls on idle funds and the management of bank structured deposit quotas [5]. - The shift in focus towards market-oriented wealth management reflects a reallocation of financial resources in response to the low-interest-rate environment [9][10]. Group 4: Diversification of Wealth Management Structure - Despite the overall decline in wealth management scale, the structure is evolving towards diversification, with an increasing preference for products linked to bonds, equities, and mixed assets [6][10]. - The subscription amount for securities company wealth management products increased by 7.74% year-on-year, while investments in other financial products also saw growth [6]. Group 5: Increased Interest in Direct Securities Investment - Since the A-share market's recovery, over 70 listed companies have announced plans to use idle funds for securities investment, aiming to enhance fund utilization and profitability [11][12]. - The shift towards securities investment is driven by the need for better returns in a low-interest-rate environment, with companies seeking to optimize their asset allocation [11][12].

Core Viewpoint - The company plans to utilize up to 200 million yuan of temporarily idle raised funds for cash management, ensuring that this will not affect the progress of investment projects or normal operations [1] Group 1 - The board and supervisory board will convene on August 28, 2025, to review the cash management proposal [1] - The investment will focus on high safety and liquidity products that meet capital preservation requirements, including but not limited to principal-protected financial products, structured deposits, and reverse repos of government bonds [1] - The cash management will have a validity period of 12 months, with funds being able to be rolled over within the specified limit [1]

Core Viewpoint - Jiangsu Changqing Tree New Materials Technology Co., Ltd. plans to use 49 million yuan of temporarily idle raised funds to purchase structured deposits from Bank of China, Zhenjiang Dagang Branch, with a term of 87 days, starting from September 30 and maturing on December 26 [1] Group 1 - The company previously had a structured deposit of the same amount that matured on September 26, yielding an actual return of 45,100 yuan [1] - On April 11, the company approved a proposal to use up to 550 million yuan of idle raised funds for cash management, valid for 12 months [1] - Although the investment is in a principal-protected product, there are still market volatility risks, and the company has implemented multiple risk control measures [1] Group 2 - The investment is believed to not affect daily operations and fundraising projects, while improving capital efficiency and benefiting shareholders [1]

Core Insights - Recent adjustments in the investment strategies of A-share listed companies have led to a reduction in the allocation to structured deposits and bank wealth management products, while subscriptions to securities company wealth management and fund accounts have increased [2] Group 1: Investment Trends - As of September 24, 2025, 1,094 listed companies held a total of 12,268 wealth management products with a subscription amount of 7,733.56 billion yuan, reflecting a year-on-year decline of over 15.2% [4] - The subscription amount for structured deposits has decreased to 4,708.9 billion yuan, down 18.8% year-on-year, while bank wealth management products saw a decline to 801.7 billion yuan, a drop of 5.6% [4] - The overall wealth management scale of listed companies has been declining for two consecutive years, with a projected subscription amount of 12,152 billion yuan in 2024, representing a year-on-year decrease of 6.20% [4] Group 2: Factors Influencing Changes - The decline in wealth management scale is primarily due to strict controls on fund idling, leading to regulatory constraints on bank structured deposit quotas [4] - The average yield of bank wealth management products has dropped to 2.12% in the first half of 2025, with one-year deposit rates falling to around 1%, making high-yield deposits increasingly rare [5] - Listed companies are showing increased interest in securities company wealth management and fund accounts, with subscriptions amounting to 512.26 billion yuan and 331.43 billion yuan respectively, marking year-on-year increases of 4.1% and 101.2% [5] Group 3: Future Outlook - Despite a preference for short-term, low-risk products, listed companies are gradually increasing their allocation to diversified products from securities firms and public funds [5] - It is anticipated that the scale of deposits transitioning to wealth management could reach several hundred billion yuan in the coming year [5] - Offshore wealth management through QDII and southbound channels is becoming an important direction for corporate asset allocation [5]

Core Viewpoint - Recent adjustments in the investment strategies of A-share listed companies have led to a reduction in the allocation of structured deposits and bank wealth management products, while subscriptions for securities company wealth management and fund special accounts have increased [1] Summary by Sections Investment Trends - As of September 24, 2025, 1,094 listed companies held a total of 12,268 wealth management products with a subscription amount of 7,733.56 billion yuan, reflecting a year-on-year decline of over 15.2% [3] - The subscription amount for structured deposits decreased to 4,708.9 billion yuan, down 18.8% year-on-year, while bank wealth management products fell to 801.7 billion yuan, a decline of 5.6% [3] Market Analysis - According to CITIC Securities, the scale of wealth management for listed companies has been declining for two consecutive years, with a projected subscription amount of 12,152 billion yuan in 2024, down 6.20% year-on-year, and a further 31% decline in the first half of 2025 [3] - The decline is attributed to strict controls on fund idling and regulatory requirements on bank structured deposit quotas, leading to reduced attractiveness for corporate clients [3] Product Performance - The average weighted yield of bank wealth management products dropped to 2.12% in the first half of 2025, with one-year deposit rates falling to around 1%, making yields above 1.6% considered high [4] - In contrast, securities company wealth management and fund special accounts saw increased subscription amounts of 512.26 billion yuan and 331.43 billion yuan respectively, with year-on-year growth rates of 4.1% and 101.2% [4] Future Outlook - Companies are gradually increasing their allocation to diversified products such as those from securities firms and public funds, despite a preference for short-term, low-risk investments [4] - It is anticipated that the scale of funds shifting from deposits to wealth management could reach several hundred billion yuan in the coming year, with overseas wealth management becoming an important asset allocation direction through QDII and southbound channels [4]